Gold prices today: Yellow metal rates were high on MCX
Gold prices on Tuesday, February 8, witnessed a hike while silver rates were slightly on the lower side on the multi commodity exchange (MCX)
Witnessing a marginal hike of Rs 52 or 0.11 per cent, gold futures maturing on April 5, 2022, are retailing at Rs 48,300 per 10 grams.
Meanwhile, silver futures maturing on March 4, 2022, are trading at Rs 61,920 per kg on the MCX, recording a dip of Rs 143 or 0.23 per cent.
When the markets had closed on Monday, February 7, gold and silver prices had stood at Rs 48,228 per 10 grams and Rs 62,035 per kg respectively.
Meanwhile globally, gold held steady on Tuesday as Russia-Ukraine concerns kept the safe-haven metal supported near the previous session’s over one-week high, while markets await U.S. inflation data that is crucial for the Federal Reserve’s tapering timeline.
Spot gold rose 0.1 per cent to $1,821.61 per ounce by 0434 GMT, having risen to the highest level since January 26 on Monday. US gold futures GCv1 were steady at $1,822.50, according to a Reuters report.
“Geopolitical tensions surrounding Russia and Ukraine are pushing gold prices higher. Besides, investors are waiting for Thursday’s US inflation data,” said Margaret Yang, a strategist at DailyFX, adding that January inflation is projected to rise higher than December levels.
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